TIDMCRCL
RNS Number : 5231Z
Corcel PLC
12 January 2024
Corcel PLC
("Corcel" or the "Company")
Options Issuance and Directors Dealings
12 January 2024
Corcel plc, (London AIM: CRCL), the Angolan focused exploration
and production company, announces an award of options to Senior
Executives and Board members.
Corcel Executive Chairman, Antoine Karam, commented: " Fully
consistent with our stated intentions, this package of options
allows us to attract, retain and ultimately compensate the
high-quality executive team and Board we have worked to assemble,
while aligning the majority of their compensation with the
performance of the underlying business.
We hope investors will recognize the aggressive, yet we believe
achievable, performance metrics that once met, will unlock these
options over the years to come. With our new Board and their
compensation structure now largely in place, we turn our attention
back to the execution of our onshore strategy in Angola as we enter
the New Year."
Options Award and Directors' Dealings:
The Company announces the grant of 307,033,155 five-year options
to Directors and key Executives, 15,745,290 of which fall under the
Company's existing Enterprise Management Scheme.
Each option entitles the holder upon exercise to one ordinary
share of GBP0.0001 of the Company at a strike price of par, vesting
after the stock trades for at least 5 trading days at a series of
prices ranging from GBP0.016 to GBP0.064; between a 4x and 16x
uplift from the Company's latest funding round of GBP0.004. One
third of the options issued will vest in each year following grant,
and both the time in service and the share price trading metrics
must be attained in order for the options to fully vest.
Pursuant to the recommendation of the Remuneration Committee,
the Board has awarded the following options:
Vesting
Award Vesting Price Date
------------------ ---------------- -------------- ----------
Antoine Karam 41,987,440 GBP 0.0160 01-Dec-24
41,987,440 GBP 0.0320 01-Dec-25
41,987,440 GBP 0.0640 01-Dec-26
Geraldine Geraldo 10,496,860 GBP 0.0160 01-Dec-24
10,496,860 GBP 0.0320 01-Dec-25
10,496,860 GBP 0.0640 01-Dec-26
Pradeep Kabra 10,496,860 GBP 0.0160 01-Dec-24
10,496,860 GBP 0.0320 01-Dec-25
10,496,860 GBP 0.0640 01-Dec-26
Other Personnel
/ Consultants 39,363,225 GBP 0.0160 01-Dec-24
39,363,225 GBP 0.0320 01-Dec-25
39,363,225 GBP 0.0640 01-Dec-26
Following this grant of options, the resultant Directors'
shareholdings are as follows:
Directors Ordinary Shares Total shares % of Issued Options Warrants
Share Capital
Direct Indirect
Antoine
Karam 0 150,136,747 150,136,747 8.9% 125,962,320 94,996,305
Geraldine
Geraldo 0 39,200,000 39,200,000 2.35% 31,490,580 0
Yan Zhao 0 38,833,333 38,833,333 2.32% 0 0
Pradeep
Kabra 0 0 0 0.00% 31,490,580 0
Andrew Fairclough 0 0 0 0.00% 0 0
Related Party Disclosure
This transaction is a related party transaction pursuant to Rule
13 of the AIM Rules. As such, the Directors being issued options
have not been involved in the approval of the Transaction by the
Company's Board.
The Directors of the Company independent of the Transaction, Yan
Zhou and Andrew Fairclough, having consulted with the Company's
nominated advisor, WH Ireland Ltd, consider the terms of the
Transaction to be fair and reasonable insofar as the Company's
shareholders are concerned.
The person responsible for arranging the release of this
announcement on behalf of Corcel is Andrew Fairclough.
For further information, please contact:
Antoine Karam Corcel Plc Executive Chairman
Development@Corcelplc.com
James Joyce / James Bavister /Andrew de Andrade WH Ireland Ltd NOMAD & Broker
0207 220 1666
Patrick d'Ancona Vigo Communications IR
0207 3900 230
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name 1. Antoine Karam
2. Geraldine Geraldo
3. Pradeep Kabra
---------------------------------- -----------------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------------------
a) Position/status 1. Chairman
2. Executive Director
3. Non-Executive Director
---------------------------------- -----------------------------------------------------
b) Initial notification/Amendment Initial Notification
---------------------------------- -----------------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------------------
a) Name Corcel plc
---------------------------------------------------- ----------------------------------------------------
b) LEI 2138009ECXQQ3EGKVY57
---------------------------------------------------- ----------------------------------------------------
Details of the transaction(s): section to be repeated
4 for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.0001
instrument, type of instrument each
---------------------------------------------------- ----------------------------------------------------
Identification code GB00BKM69866
---------------------------------------------------- ----------------------------------------------------
b) Nature of the transaction Award of options
---------------------------------------------------- ----------------------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---------------------------------------------------- --------------------- -----------------------------
1. GBP0.0001 1. 125,962,320
2. GBP0.0001 2. 31,490,580
3. GBP0.0001 3. 31,490,580
------------------ -------------------------------- --------------------- -----------------------------
d) Aggregated information
---------------------------------------------------- ----------------------------------------------------
Aggregated volume N/A
---------------------------------------------------- ----------------------------------------------------
Price
---------------------------------------------------- ----------------------------------------------------
e) Date of the transaction 11 January 2024
---------------------------------------------------- ----------------------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------------------------- ----------------------------------------------------
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END
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